As of August 2024, EIP-3074 is not live on the Ethereum mainnet, but itâs expected to roll out with the Pectra upgrade by the end of 2024.
EIP-3074 works by introducing two main operations that change how transactions are handled on the Ethereum network: AUTH and AUTHCALL.
AUTH sets an authorized sender for a transaction. Normally, when you send a transaction, you are both the person sending it and the person authorizing it. With AUTH, you can give someone permission to send the transaction on your behalf.Â
1. Gasless Transactions: Imagine making transactions without worrying about ETH for gas fees. EIP-3074 could make that a reality, making Ethereum more accessible to newcomers.
2. Automated Payments: Set up recurring payments without needing to manually approve each one. EIP-3074 can automate this for you, saving time and effort.
3. DeFi Innovations: The flexibility and security this upgrade offers could fuel the next big thing in DeFi, enabling even more sophisticated financial products.
While EIP-3074 sounds great, itâs not without its risks. Giving someone else the power to act on your behalf requires a lot of trust. The Ethereum community is carefully considering how to mitigate these risks, with ideas like setting time limits and restricting what the authorized party can do.
EIP-3074 isnât happening in isolation. Itâs part of a larger effort to make Ethereum more efficient and user-friendly, working alongside other proposals like EIP-2930 (which deals with access lists) and EIP-1559 (which changes how fees work). Understanding EIP-3074 alongside these other updates provides a clearer picture of Ethereum's future direction.
EIP-3074 is designed to make Ethereum transactions more secure and user-friendly by introducing AUTH and AUTHCALL operations. These changes could significantly enhance how we interact with Ethereum, opening the doors for more complex and powerful applications in the DeFi space.
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